Real Estate Tips Archives

Cornerstone Village Midtown Atlanta 2015 Annual Meeting

December 12, 2015 by Thom Abbott

Do you live in a condominium community? Or even a single family home community that has an association? Does your HOA have an annual meeting? Better question might be….

Do You ATTEND your Annual Homeowners Meeting?

Cornerstone Village Midtown Atlanta 2015 Annual Meeting

I had the opportunity to attend the Cornerstone Village Annual Meeting earlier this week. In most HOA communities, you must have a 2/3 attendance (via in person or through a proxy vote) to conduct official business. In the case of Cornerstone Village, with 310 homes, if my math does me correct, there has to be approximately 207 owners present at the annual meeting in order to have a quorum and conduct business. I attended because two owners that I manage their rental condos for, asked me to attend, and I did so by having their proxy vote.

But, there was not a quorum. Nope. Not enough owners attended (or turned in a proxy vote) to do any business.

So what you say? Say WHAT I say?

You OWN a home in this building. You have a financial interest in how the association is run, or the building is maintained and presented. But you don’t bother to come to the annual meeting. Tisk Tisk.

Here’s the most scary part of this….There were numerous people interested in running for the HOA Board of Directors. People that have “stepped up to the plate” to offer their time and talent into running and managing the community (along with a great Property Manager!) But none of those people were elected. Because an election could not happen without a quorum of owners.

So what happens now? The current Board of Directors will hand pick and select the NEXT Board of Directors. How’s that for democracy?

Now, I happen to be writing about Cornerstone Village, but this is an all too common occurrence at many annual meetings for the HOA. Not just this building. You have a financial interest in this building. If the lobby looks bad, or the association is not managed properly, you could have problems in the future, be it in the form of a special assessment, or a challenge selling your home because of excessive rental units, poor reserves, condition of the amenities…and more.

You need to pay attention to what happens in your building. And if for some reason you don’t THINK you should go, or care about the annual meeting, then give your proxy to an owner that does.

Should I Stage My Condo For Sale?

November 17, 2015 by Thom Abbott

As a Seller, your life get’s turned upside down when you place your home or condo on the market, or FOR SALE! It means the front door is going to open. And Open. And Open. How many times, depends on a number of factors.

Should I Stage My Condo For Sale?

Gone will be the days of not making your bed, leaving your gym clothes on the bathroom floor, cleaning the bathroom counter and cleaning the kitchen before you leave. No dirty dishes. I get it. That’s a tough thing to do, day after day, if it is not your normal routine. (I know I’d have a challenge in my own home….but I’d have some serious de-cluttering to do before I listed my home. That is another form of staging.

Some home owners are meticulous. The photo to the right is one of a listing I had a few years back. Seriously, the condo always looked like this. The owner kept it perfect all the time.

So, there is the staging (also called de-cluttering) that you do when you still LIVE in the home. This is when we ask you to clean closets, move seasonal clothes to a storage room, take personal photos down, clean off the “stuff” on the refrigerator, keep the INSIDE of the fridge AND OVEN clean. You want your home to shine as much as possible. You want that potential buyer to be imagining him or herself living there, not looking at your “stuff.” It’s a challenge I face on almost every listing. Some Sellers jump at all that needs to be done, and others don’t get it. And then wonder where the offer is 30, 60 or more days later. Hmmmm.

But then there is staging when the home is completely vacant. Not everyone has a creative eye, or is a good judge of space. That empty bedroom makes it really hard to imagine a bed, dresser, night stands, etc….when it’s empty. Same with a living room. Yes, I get it’s an added expense when you are trying to sell your home or condo, and you have already moved. Take a look at this staged living room on the left. Is that space not more inviting? The couch and chairs not only make the room look alive, it actually gives a potential Buyer some place to sit and imagine themselves living there! Isn’t that what you want? Your home sold? yeah, I thought so.

Having been through them all, vacant, occupied (and a mess) occupied and beautiful or staged, guess where a Buyer might spend more time and get more of a feel for living there.

The next time you are the Seller, listen to your real estate agent. Take their advice. De-clutter. And if you have moved, stage the home.

Oh, and this would NOT be an idea of staging……

What Are Condo HOA Fees Spent On?

November 13, 2015 by Thom Abbott

Everyday when I’m working with Midtown Atlanta condo buyers, part of our conversation is about the monthly HOA fee that is required when you own a condominium. Indeed, some buildings it can me quite an expense, and it is based on the size of your condo to start with.

What Are Condo HOA Fees Spent On?

I often try to relate this back to living in, or owning a single family home. Just think of these activities….

Mowing the grass, blowing off the driveway and planting flowers (Exterior Landscaping)
Painting the hallway you use to get from the bedroom to the kitchen/living room (Common hallway in the building)
Fixing the TV when it breaks ( Could be the TV’s in the Club Room that you use)
Fixing a leak in the roof (The roof of the building or anywhere there could be a leak in the building)
Repainting the front door of your home (painting the outside of your entrance door–if not wood) or the trim around it)
Paying your homeowner’s insurance (HOA pays for the exterior of the building- you pay for your contents)
Paying your monthly security alarm system (Concierge, roaming security officer, controlled access system)
The garage door won’t open (some yahoo drove into the gate in the garage before it opened)

In you single family home, there are areas that you could call “common” such that we call them in a condo building. The reference to the hallway above is like the hallway you walk down from the elevator to your condo door. Oh, and yes…the elevator. No, you don’t have one in your house, but you probably don’t want to climb 25 flights of stairs, right? So we have to maintain that elevator.

But when you see damage to the common areas, most likely caused by another resident/owner, just remember, you all pay for that repair out of your HOA dues. So a careless resident (and they DO NOT have to be a renter…I’ve seen a few OWNERS beat up buildings) can be costly. And it affects the overall appearance of your HOME….imagine you or your guests entering the building and the doors look like this?

Sure, there is a thing called “normal wear and tear” but this looks pretty tough. The photo on the right is above the normal door handle one should use, so you have to wonder how that paint got all chipped off. But the bottom….well, I personally stood there and watched a resident (don’t know if they were an owner, or a renter use THIS and let is scrape all along the door as she pulled it out to get her groceries out of her car.

First off, where on EARTH do you PARK this thing in a condo? But just imagine all that metal scraping along the door as she pulled it out and did not first prop it open (another no-no if you leave a door propped open…but that’s a whole other topic).

So the next time you are wheeling your carry-on luggage home from MARTA and going down the hallway to your condo, try not to scrap it down the hallway. Afterall, it is YOUR hallway and it is What Your Condo HOA Fees are Spent On!

5 Things Home Buyers Should NOT Do

November 9, 2015 by Thom Abbott

As a real estate broker, I’ve been helping Buyers buy homes and condos for over 10 years now. And I love what I do. But because I do it every day of the week, much of the process is second nature to me. Ah…but that does not mean it is to you….The Buyer. And even if this is your 1st or your 5th home, you might even forget a step along the way.

Your home or condo search might be as short as 30 or 60 days, or it could take a year. It depends on when you start looking, and what you are looking for. But during that time period, there are some things you should not do!!!!

Don’t Buy A “Big Ticket” Item — That can be anything from a refrigerator to a big vacation! Large purchases are not a good thing for your lender to find on, or in your financials! “Honey, we are getting a new house, and look at this 52″ on sale at Costco for only $2,000!” Ah…NO! STOP! Wait till AFTER you have closed to make that purchase addition to your new home! And, this includes a NEW CAR! Suppose you have a lease car, and your lease will be up shortly before you buy your home. This NEW lease will be a new debt and could throw you loan right under that new car!
Moving Money— Now, if you are planning to use money from a 401K for your down payment, consult with your lender about WHEN and HOW you should move that money. They will be the best person to tell you to have it in your savings account 6 months or 6 weeks before you close. But any large financial deposit in and out of your accounts will require an explanation, and it could too derail your loan process. Here is another time for me to stress why I have all of my Buyers pre-approved with a lender BEFORE we start home or condo shopping. This way, we have no surprises, and it is a good time for me, and your lender to remind you of all of these things!
Keep Your Job!! — Well, this would sound pretty obvious, right? But it has happened on more than one occasion. All of the sudden, a great opportunity presents itself at another company. If you are in the middle of the home buying process….it just might come to a screeching halt. And if you have changed jobs in the last 6 months, this too could set you back a few months until you are “seasoned” in that new position. A lender wants to know that new job is as secure as YOU think it is, before they give you a mortgage and the keys to a new home.
Know Your NEEDS and Your WANTS — Another one that might sound obvious, but when we are out looking at homes or condos, and you have gasp as you take in the view from the 25th floor, don’t let that overshadow something like closet space, or parking spaces! It’s a big one-bedroom, and you are sure you will fit, but it only has 1 parking space…and we have 2 cars. Same challenge can happen with a single family home! It has a “to die for” kitchen and bath remodel, but there is only 3 bedrooms. Wait, we need a Master, a room for Johnny, a room for Suzie, a guest room, a home office….and suddenly you’ve outgrown the home you love before you even move in. Make that list, and by all means….share it with me! This way, I can help keep you on track!
And Speaking Of…Have A Real Estate Agent! — You might start your home search here at MyMidtownMojo.com or any of the other few thousand websites where you can search for homes, but don’t go it alone! Remember, I do this every day. I know the challenges, and the pitfalls, and the landmines we need to watch out for. I’m here to help guide you through the process. It has been proven time and time again, that having an agent by your side will lead you to a much smoother buying and closing process.

A Focus On Credit History in Your Future Real Estate Purchase

October 30, 2015 by Thom Abbott

Ever contacted a real estate agent and one of the first questions they ask you are, “Are you pre-approved for a mortgage or will you be a cash buyer?” And has that kind of ticked you off? I mean we have barely spoken, and you are asking me such a direct question!!!!

Well, there are many reasons we ask that question, and sure, HOW we ask it can be phrased any number of ways. But, keep in mind, that a real estate agent never gets paid until you close on a home or condo. So if we are out showing you homes, and THEN you go to get your approval on a mortgage, the process may get derailed by something…..and those somethings can be anything. Income, length of time on your job, and of course your credit. Now, you don’t get to buy the home, and we don’t get paid. Now, I’m not trying to say that the agent’s interest comes first, but we do run a business, and we have to make business decisions to work with Buyers that are qualified to buy.

I also like to tell my Buyers, that the last thing I want to do is show you a $250,000 condo when you can only afford a $200,000 condo. You will now have your heart set on the one you found, but through the loan approval process it’s determined you can’t afford that much, or you decide you don’t want to SPEND that much. There certainly IS a difference between the two.

Now, I’m not a loan officer or lender. Let me be very clear!!! I’m here to help you FIND the right home, PAY the right price, and help you through all the steps along the way. It is your loan officer that will be the one to assist you in getting your financing. So, this is why I want you to have this process well under way (that is another way of saying having your pre-approval letter) BEFORE you start looking at homes. Would you buy a car, if you did not have a driver’s license?

Today, I read an article in the New York Times (I’ll link to it below, but you may have to have an online subscription to read it) that Fannie Mae is going to start taking a longer view (look) at your credit history when looking at your mortgage application! What does that mean? Right now, Fannie Mae require a “tri-merge” credit report that takes information from all three credit bureaus….TransUnion, Equifax and Experian. But, when they do that, it’s a “snapshot” at that moment when your credit is pulled.

This new process, or trended data product, will go back some 30 months, showing your payment history, if payments were made on time, and whether borrowers tend to carry balances, or pay off balances in full.

So, it’s going to be important for you to have that pre-approval in place and your loan officer has all the documents they need for that approval. A Focus On Credit History in Your Future Real Estate Purchase is going to be very important!

Then, we will be able to look at homes, knowing you are comfortable with what you can spend, and, have a pre-approval letter to attach to your offer, giving the Seller confidence that you are in fact, ready, willing and able to buy their home!

New York Times Article, A Focus on Credit History for Mortgage Approvals

What Can I Do to Help Sell My Midtown Atlanta Condo?

September 5, 2015 by Thom Abbott

Condo Kitchen backsplash September 5, 2015 — “Standard” Kitchen in Spire Midtown

That seems like a mouthful question doesn’t it? Or that there will be some long lengthy answer, right? Well, there can me, but I’ll make it easy for you.

What Can I Do to Help Sell My Midtown Atlanta Condo?

And it can be summed up in two simple words — tiled backsplash. Now, in reality, this would be best done shortly after you BUY your condo, and not right before you SELL!! That way you have had years of enjoyment of something different than the stock builder backsplash you got..and that every single other condo in the building also has. Get it?

You want to make your home stand out! Again, by changing your kitchen backsplash when you purchase your condo, you home will look different for you and your guests, but it will also be different when it comes time to SELL!

Take a look at the photo above, of a “standard, builder installed” kitchen in Spire Midtown. Cabinets look good, granite (there is a whole OTHER change you can make and have your home stand out above the others) and the lovely, ever present black subway tile back splash.

NOW…take a look at how your kitchen COULD look, and stand out to that prospective Buyer with a different backsplash….

What Can I Do to Help Sell My Midtown Atlanta Condo?

Now you have a good idea!

Do You ATTEND your Annual Homeowners Meeting?

Cornerstone Village Midtown Atlanta 2015 Annual Meeting

What Can I Do to Help Sell My Midtown Atlanta Condo?

What Can I Do to Help Sell My Midtown Atlanta Condo?

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